03 Apr 2024

Egypt's Ras Ghareb Wind Energy Project Achieves Gold Standard Milestone with 1 Million Carbon Credits

Ras Ghareb Wind Energy (RGWE), a joint venture consisting of ENGIE, Toyota-Tsusho Corporation, Eurus Energy Holdings, and Orascom Construction PLC, in collaboration with ecosecurities, has officially registered a 262.5MW Wind energy project in Egypt with the Gold Standard, issuing a remarkable 1 million carbon credits.

This marks the first wind farm in Egypt to transition successfully from the UNFCCC’s Clean Development Mechanism (CDM) to the Gold Standard, providing the country with access to carbon finance to bolster its renewable energy commitments.

Situated on the Gulf of Suez, Egypt, RGWE boasts an installed capacity exceeding 260 MW. Construction commenced in 2018, reaching full capacity in October 2019, and has since been supplying clean electricity to approximately 500,000 Egyptian households. In 2022 alone, the wind farm generated 1,257,502 MWhr, resulting in the issuance of over 1 million carbon credits for the period from December 2020 to July 2022.

According to the press release, Anthony Watson, CEO of Ras Ghareb Wind Energy, expressed his congratulations, stating, “I’d like to congratulate all the parties involved in successfully registering this project with the Gold Standard, and it’s fantastic to receive our first issuance of 1 million carbon credits.”